11 August 2-22 - I took another look at Baidu and decided not to cover in because I need better. It still looks like a good value (cash + investments) risk and reward play, but I am missing that additional quality required, that safety and feel good about an existing business within the holding. Robotaxies are all cool, but remain a bet, and that I not something I want to bet on in the Model portfolio. If I know I am not going to bet on it, there is also no point in holding it in my covered stocks portfolio.

So, unfortunate but I am cleaning up house and Baidu doesn't cut it. (REMINDER: this doesn't mean the stock can't do terribly well; if cash flows increase from the core business, management starts rewarding shareholders and Robotaxies gain more traction and dominate the Chinese market - this is an easy 3x to 5x - SO DON"t GET ME WRONG - Baidu remains the risk and reward presented below, just see how it fits you)

I will look for different pastures!